9911796707
TMI Blog2020 (2) TMI 651X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. This appeal is filed by the assessee against the order of the ld CIT(A), Muzaffarnagar dated 20.06.2018 for the Assessment Year 2015-16. 2. The assessee has raised the following grounds of appeal:- "1. That the Ld AO has grossly erred in law and facts of the case to make an addition of Rs. 216500/- U/s 68 on account of unsecured loans from directors observing that following loans are not g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld C1T(A) to uphold the order of Ld AO as the identity genuineness and creditworthiness of both the depositors has been proved by the appellant and both the deposits are routed through banking channel and depositors have sufficient cash in hand as source of deposits in Bank before giving loan to Appellant. 5. That the ld CIT(A) is absolutely wrong in not considering the evidences in suppor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Handa. The company was taken loan through account payee cheque and all the persons are stated to be family members and directors of the company. The ld AO noted that before giving loan to the assessee company, in the account of these persons there were bank account transfer and deposits in cash. With respect to the deposit of cash in the account of lenders assessee could not submit the source to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorities. 7. We have carefully considered the contentions of the ld DR and the facts emerging out of the orders. This is apparent that assessee has taken unsecured loan of Rs. 128500/- and Rs. 88000/- from Smt Neha Handa and Neeraj Handa. The cash was deposited in the bank account of those persons before issue of cheque in favour of the assessee. The assessee submitted that the above sum was ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f this the ld CIT(A) confirmed the above additions. On carefully perusal of the orders of the lower authorities, it is apparent that assessee has failed to prove the creditworthiness of the above loans. Assessee has failed to show creditworthiness of both the lenders. Hence, we do not find any infirmity in the orders of the lower authorities in sustaining the above addition u/s 68 of the Act. Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
